An Oamaru real estate agent had no intention of on-selling a property he bought in 2003, the High Court in Dunedin was told yesterday.
It was only when an offer was presented that Oamaru real estate agent David McNeill considered selling the property, his counsel, Len Andersen, said.
Mr McNeill's actions in a 2003 property deal warranted him losing his practising certificate, the Real Estate Agents Licensing Board decided last year.
At a penalty hearing earlier this year, Mr McNeill had his practising certificate suspended for 18 months and was ordered to pay costs of $20,868.
Mr McNeill appealed both the suspension and the award of costs against him to the High Court.
Yesterday, Mr Andersen told Justice Paul Heath that Mr McNeill was put in a situation where he did not act properly, but it did not justify a suspension of certificate.
Mr McNeill had been the sole agent for a building in Oamaru for six months without a sale.
He then bought the building from the owner and, less than four weeks later, sold it for over $20,000 more than he paid.
Mr Andersen said there was the inference that Mr McNeill bought the property knowing someone else wanted to buy it, but that was not true.
Real Estate Institute counsel Steve Haszard said there was sufficient misconduct or misconception by Mr McNeill to justify the suspension.
Justice Heath reserved his decision.
